I don't know if the personal finance writer either didn't know about short sales and was pretending to be an expert, or they were being fed bad information.
It could have been the latter because there is so much incorrect information about short sales being discussed as though it is fact.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure. http://columbusohshortsaleadvisors.com/
The article states that banks accept short sales because foreclosure auctions bring much less money. Most people that read that think that foreclosure auctions usually end horribly for the banks.
After all, not everyone can bid at the foreclosure auctions. Most people hear about how people make a lot of money buying properties at the foreclosure auction.
They read that and think that the properties sell at the foreclosure auction for a big discount. But, that isn't true. And that's why this statement isn't correct.
Yes, banks do prefer a short sale over a foreclosure. And the reason they do is because the home usually sells for more money as a short sale. But, they are not forced to sell the home for a big discount at the foreclosure auctions.
Most foreclosure auctions give them the right to bid all the way up to the amount they are owed. It doesn't cost them anything to bid all the way up to the amount they are owed. They loaned the money and that is their bid.
All they have to pay are the court fees to conduct the sale and any taxes on the sale. That is why most properties that are foreclosed on are bought by the banks. They put them on the open market.
The goal is to sell the foreclosed property for as much money as possible. This is why most upside down homes sell to the bank at the foreclosure auction. Thinking about a short sale?
I can help you short sale your property and get back on your feet. Send me an e-mail at robin.lemmons@kingthompson.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 614-741-2495.
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here. http://columbusohshortsaleadvisors.com/
Thinking about a loan modification? Our Columbus loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy. http://columbusohshortsaleadvisors.com/
Thanks for reading this, Rick and Robin Lemmons.
Rick and Robin is a Real Estate Team at Coldwell Banker King Thompson.
Phone: 614-741-2495
Email: robin.lemmons@kingthompson.com
A Zest For The Best
View My homes for sale at www.rickandrobin.com.
Rick & Robin Lemmons specialize in helping Columbus Homeowners short sale and never pay the bank another penny. Columbus Loan Modification Help, Columbus Short Sales, Columbus Short Sale Realtor. Columbus Short Sale Realtor. Columbus OH Short Sales. Columbus Realtor. Columbus OH Short Sales. Columbus Realtor.
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Important Notice
Rick and Robin Lemmons, Coldwell Banker King Thompson, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorsed by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Rick and Robin's personal views and do not reflect the views of Coldwell Banker King Thompson.
This information on A Sixth Common Columbus Short Sale Myth: There Can Be No Liens On The Property is provided as a courtesy to our viewers to help them make informed decisions.
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